Thursday, January 19, 2012

Insurance woes continue

The run of bad news from insurers is not promsing for any insurance premium relief in Tropical Queensland. QBE Insurance recently delivered a shock profit downgrade because of catastrophe claims and investment markets. Yesterday there was another downgrade from Wesfarmers Insurance which included this comment:
"We continue to make good progress with reducing our exposure to higher hazard geographical areas and industries, in line with our ongoing focus on disciplined underwriting,"
Wesfarmers and QBE are two of those which have withdrawn entirely from strata insurance in Far North Queensland.

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